The closure of the grain corridor in the Black Sea will lead to speculation, which will be a prerequisite for further increases in the prices of cereals and other crops. The fears of Italian farmers are reported by the local newspaper La Stampa, citing a statement by the Italian association of agricultural producers Coldiretti.

The blocking of deliveries from the Black Sea ports threatens to increase the interest in the markets of agricultural natural resources, which is provoked by speculation in the financial and other markets. Quotes of both precious metals and agricultural products are less and less dependent on the real supply-demand ratio but on financial transactions and futures strategies, Coldiretti analysts warned.

At the same time Russian and Ukrainian agricultural suppliers have a significant share of the world export market of crops. They account for nearly a third of global supplies.

In the current environment, 53 countries are at risk of starvation, where the rise in grain prices as a result of the conflict is most felt, as Russia and Ukraine together account for 30 percent of grain exports, 16 percent of corn and 75 percent of sunflower oil, the Italian association said in a statement.